Yes, it's called annual renewable term life insurance.
This type of policy gives you coverage for a period fo one year.
If you choose to renew your policy for another one year term when the original plan expires, you will be charged a higher premium for the renewal policy.
This is one reason it may be a better idea to lock-in a level premium with a level term life insurance policy that provides coverage for 5 years, in case you decide you need your life insurance to last longer than one year.
You can always cancel your coverage at any time.
Learn more about one year term option life insurance plans.